Venmo, PayPal and Zelle must report $600+ in transactions to IRS
As of Jan. 1, mobile payment apps like Venmo, PayPal, Zelle and Cash App are required to report commercial transactions totaling more than $600 per year to the Internal Revenue Service. The change to the tax code was signed into law as part of the American Rescue Plan Act, the Covid-19 response bill passed in March. Previously, these mobile payment apps only had to tell the tax authorities when a person had over 200 commercial transactions per year that exceeded $20,000 in total value, the IRS said.
Continue Reading https://www.nbcnews.com
Join the Discussion